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FxWirePro: USD/THB trades in narrow range, good to sell on rallies

  • USD/THB is currently trading around 31.12 marks.
     
  • It made intraday high at 31.14 and low at 31.11 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 31.20 mark.
     
  • On the top side, key resistances are seen at 31.20, 31.30, 31.50, 31.59, 31.75, 31.92, 32.00, 32.13, 32.28, 32.39, 32.46, 32.61 and 32.85 marks respectively.
     
  • Alternatively, a daily close below 31.12 will drag the parity down towards key supports around 31.08, 31.01 and 30.83 marks respectively.
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position in USD/THB  around 31.13, stop loss at 31.22 and target of 31.01.

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